Regulatory Alerts2022-06-21
D4/2022 Directive on Risk Returns
The Prudential Authority has issued Directive D4/2022 mandating supervised banks, mutual banks, and life insurers to periodically submit anti-money laundering, counter-financing of terrorism, and proliferation financing risk returns. Financial institutions must electronically file quantitative and qualitative data through the Reserve Bank portal, with banks submitting quarterly by specified deadlines and mutual banks and life insurers filing twice annually. Failure to comply with these mandatory submissions constitutes non-compliance under the Financial Intelligence Centre Act and may trigger administrative sanctions.
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